MIRA INFORM REPORT

Report No. :	308731
Report Date :	20.02.2015

IDENTIFICATION DETAILS

Name :	SWASTIK POLYVINYLS PRIVATE LIMITED
Registered Office :	3B, Big Jos Tower, A-8, Netaji Subhash Place, District Centre, Pitampura, New Delhi – 110 034
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.05.1998
Com. Reg. No.:	55-093922
Capital Investment / Paid-up Capital :	Rs.8.427 millions
CIN No.: [Company Identification No.]	U25209DL1998PTC093922
IEC No.:	0501044884
TAN No.: [Tax Deduction & Collection Account No.]	DELS14064B
PAN No.: [Permanent Account No.]	AAECS4130L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing of Wire and Cable Compounds like PVC Compound (Insulation and Sheathing), PVC Master Batch, PVC FR or FRLS Compound, PVC Lead Free Compound, etc.; Footwear Compounds like PVC Compound, PVC Foam Compound, PVC Colour Compound, etc.; Automobile Compounds like PVC Compound (Moulding and Extrusion), TPE or TPR Compound (SBS Based), etc.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 151000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile and loss that company has incurred from its operations activities. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

NOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Deepak Bansal
Designation :	Director
Contact No.:	91-9811011360
Date :	18.02.2015

LOCATIONS

Registered Office :	3B, Big Jos Tower, A-8, Netaji Subhash Place, District Centre, Pitampura, New Delhi – 110 034, India
Tel. No.:	91-11-27351471/ 65954032/ 27352074/ 27356916
Mobile No.:	91-9811011360 (Mr. Deepak Bansal) 91-9215780320 (Mr. O.P. Verma)
Fax No.:	91-11-27352074/ 27351471
E-Mail :	swastikpolyvinyls@yahoo.com suresh_associates@rediffmail.com sanjiv@swastikpolyvinyls.com
Website:	www.swastikpolyvinyls.com www.pvccompounds.co.in
Area :	2500 sq. ft.
Location :	Owned
Factory :	302, Industrial Estate, E.P.I.P. Kundli, District Sonepat – 131 025, Haryana, India
Tel. No.:	91-130-2219304/ 305
Area :	5000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Om Prakash Bansal

Designation :

Director

Address :

99, Vasudha Enclave Pitampura, Delhi – 110 034, India

Date of Birth/Age :

15.04.1946

Date of Appointment :

19.05.1998

DIN No.:

00279369

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209DL1998PTC093922	SWASTIK POLYVINYLS PRIVATE LIMITED	Director	19/05/1998	19/05/1998	-	Active	NO
2	U52100DL2011PTC213642	PARKASHDEEP ENTERPRISES PRIVATE LIMITED	Director	09/02/2011	09/02/2011	-	Active	NO
3	U70109DL2011PTC223848	LIFESPACE INDIA PRIVATE LIMITED	Director	18/08/2011	18/08/2011	-	Active	NO

Name :

Mr. Deepak Bansal

Designation :

Director

Address :

99, Vasudha Enclave Pitampura, Delhi – 110 034, India

Date of Birth/Age :

31.12.1976

Qualification :

Graduate

Date of Appointment :

19.05.1998

DIN No.:

00279409

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25209DL1998PTC093922	SWASTIK POLYVINYLS PRIVATE LIMITED	Director	19/05/1998	19/05/1998	-	Active	NO
2	U52320DL2011PTC213508	D. R. PRODUCTS PRIVATE LIMITED	Director	08/02/2011	08/02/2011	-	Active	NO
3	U70109DL2011PTC223848	LIFESPACE INDIA PRIVATE LIMITED	Director	18/08/2011	18/08/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. O.P. Verma
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Om Parkash Bansal	397706
Kamlesh Bansal	90000
Deepak Bansal	89100
Roopali Bansal	80050
O.P Bansal and Sons (HUF)	24410
Deepak Bansal and Sons (HUF)	28000
Shanti Devi	10
Suresh Kumar	10
Suresh Kumar (HUF)	10
Blue Blood Equity Trading Private Limited, India	10000
Natraj Buildhome Private Limited, India	7500
S.J.M Investments (Delhi) Private Limited, India	10000
Crest Comtrade Private Limited, India	10000
Black Fox Financial Private Limited, India	7500
Amarjeet Motor Finance Private Limited, India	7500
Disha Commercial Private Limited, India	10000
Mridul Securities Private Limited, India	10000
Ballabgarh Refactories Limited, India	7500
Litman Power System Private Limited, India	7500
Maddad Leasing Private Limited, India	7500
Lifespace India Private Limited, India	19041
Parkashdeep Enterprises Private Limited, India	19329
Total	842666

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage of holding
Bodies corporate	15.83
Directors or relatives of directors	84.16
Others	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of manufacturing of Wire and Cable Compounds like PVC Compound (Insulation and Sheathing), PVC Master Batch, PVC FR or FRLS Compound, PVC Lead Free Compound, etc.; Footwear Compounds like PVC Compound, PVC Foam Compound, PVC Colour Compound, etc.; Automobile Compounds like PVC Compound (Moulding and Extrusion), TPE or TPR Compound (SBS Based), etc.
Products :	Wire and Cable Compounds Footwear Compounds Automobile Compounds
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Credit (30/ 60/ 90 days)
Purchasing :	Cash and Credit (30/ 60/ 90 days)

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

80 (Approximately)

Bankers :

Banker Name	Union Bank of India
Branch Address	LU Block, Pitampura, New Delhi – 110 034, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit: Rs.140.000 millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank of Baroda, Vishakha Enclave, Pitampura, New Delhi – 110 034, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Term Loans
From Banks	2.597	0.537
SHORT TERM BORROWINGS
Loans Repayable on Demand
From Banks	127.671	100.290
Total	130.268	100.827

Banking Relations :	--
Auditors :
Name :	Suresh and Associates Chartered Accountants
Address :	3A, Big Jo’s Tower, Netaji Subhash Place, Pitampura, Delhi – 110 034, India
Tel. No. :	91-11-27356916/ 27356917/ 45058028
Fax No. :	91-11-27356918
E-Mail :	suresh_associates@rediffmail.com suresh_associates2002@yahoo.com
PAN No.:	AASFS7116D
Memberships :	Not Available
Collaborators :	Not Available
Other Related Parties [Key Managerial Personnel (Control exist)] :	Lifespace India Private Limited DR Products Private Limited Parkashdeep Enterprises Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
842666	Equity Shares	Rs.10/- each	Rs.8.427 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	8.427	8.427	8.427
(b) Reserves & Surplus	44.500	76.497	72.660
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	11.000
Total Shareholders’ Funds (1) + (2)	52.927	84.924	92.087
(3) Non-Current Liabilities
(a) Long-term borrowings	37.182	39.422	15.286
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	1.350	1.353	1.219
Total Non-current Liabilities (3)	38.532	40.775	16.505
(4) Current Liabilities
(a) Short term borrowings	127.671	100.290	101.555
(b) Trade payables	39.803	63.226	43.673
(c) Other current liabilities	4.730	4.555	3.629
(d) Short-term provisions	1.557	1.798	1.054
Total Current Liabilities (4)	173.761	169.869	149.911
TOTAL	265.220	295.568	258.503
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.719	37.940	34.569
(ii) Intangible Assets	0.155	0.243	0.200
(iii) Capital work-in-progress	0.000	0.085	0.652
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.399	0.413	0.366
(d) Long-term Loan and Advances	1.234	1.064	1.064
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	42.507	39.745	36.851
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	36.694	34.958
(c) Trade receivables	185.595	179.429	154.484
(d) Cash and cash equivalents	30.465	37.931	30.970
(e) Short-term loans and advances	6.653	1.769	1.240
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	222.713	255.823	221.652
TOTAL	265.220	295.568	258.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	552.855	535.889	NA
		Other Income	4.464	3.268	NA
		TOTAL	557.319	539.157	NA
Less	EXPENSES
		Cost of raw material consumed	525.307	483.419	NA
		Change in inventory	8.279	(3.107)	NA
		Employee benefit expenses	13.673	11.137	NA
		Other expenses	28.619	29.869	NA
		TOTAL	575.878	521.318	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(18.559)	17.839	NA
Less	FINANCIAL EXPENSES		9.039	8.207	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(27.598)	9.632	NA
Less/ Add	DEPRECIATION/ AMORTISATION		4.384	4.122	NA
	PROFIT/ (LOSS) BEFORE TAX		(31.982)	5.510	NA
Less	TAX		0.014	1.673	NA
	PROFIT/ (LOSS) AFTER TAX		(31.996)	3.837	3.604
	IMPORTS
		Purchased goods	36.881	34.201	36.273
	TOTAL IMPORTS		36.881	34.201	36.273
	Earnings / (Loss) Per Share (Rs.)		(37.97)	4.55	4.28

Expected Sales (2014-2015): Rs.650.000 millions

The above information has been parted by Mr. Deepak Bansal (Director).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(5.79)	0.72	NA
Operating Profit Margin (PBDIT/ Sales)	(%)	(3.36)	3.33	NA
Return on Total Assets (PBT/Total Assets}	(%)	(12.08)	1.87	NA
Return on Investment (ROI) (PBT/Networth)		(0.60)	0.06	NA
Debt Equity Ratio (Total Debt/Networth)		3.11	1.65	1.27
Current Ratio (Current Asset/Current Liability)		1.28	1.51	1.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	8.427	8.427	8.427
Reserves & Surplus	72.660	76.497	44.500
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	11.000	0.000	0.000
Net worth	92.087	84.924	52.927
Long Term borrowings	15.286	39.422	37.182
Short Term borrowings	101.555	100.290	127.671
Total borrowings	116.841	139.712	164.853
Debt/Equity ratio	1.269	1.645	3.115

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)
Revenue from operations	535.889	552.855
		3.166

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(INR in Mlns)	(INR in Mlns)
Revenue from operations	535.889	552.855
Profit	3.837	(31.996)
	0.72%	(5.79%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The Registered Office of the company has been shifted from 308/1, Shahazada Bagh, Industrial Area, Old Rohtak Road, Delhi, India to the present address w.ef. 30.05.2006.

CORPORATE INFORMATION:

The company is manufacturer of Wire and Cable Compounds like PVC Compound (Insulation and Sheathing), PVC Master Batch, PVC FR or FRLS Compound, PVC Lead Free Compound, etc.; Footwear Compounds like PVC Compound, PVC Foam Compound, PVC Colour Compound, etc.; Automobile Compounds like PVC Compound (Moulding and Extrusion), TPE or TPR Compound (SBS Based), etc.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
From Other Parties	1.890	1.705
Loan from Related Parties	32.695	37.180
Total	34.585	38.885

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10301212	22/07/2011	15,000,000.00	UNION BANK OF INDIA	LU BLOCK, PITAM PURA, DELHI - 110034, INDIA	B18440198
2	90054899	22/04/2003	4,900,000.00	UNION BANK OF INDIA	LU BLOCK, PITAMPURA, NEW DELHI, DELHI - 110034, INDIA	-
3	90054689	09/09/2013 *	140,000,000.00	UNION BANK OF INDIA	LU BLOCK, PITAM PURA, DELHI, DELHI - 110034, INDIA	B83898866
4	90054452	11/05/2005 *	7,000,000.00	UNION BANK OF INDIA	LU BLOCK, PITAMPURA, NEW DELHI, DELHI - 110034, INDIA	-

* Date of charge modification

FIXED ASSETS:

Tangible Assets

· Building

· Land

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Computer

· Projector

Intangible Assets

· Computer Software

· Trade Mark and Copyright

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report : No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.25
UK Pound	1	Rs.95.57
Euro	1	Rs.71.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
-- PROFITABILITY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.